Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel, Reuters has reported.
Brent crude futures fell as much as 6% in early trading on Monday before recovering to $41.29 per barrel at 05:08 GMT, still down 4.2% since their last settlement, according to Reuters.
U.S. crude futures were down 4.63% at $38.49 a barrel.
Oil prices have fallen by as much as 70% since mid-2014 as producers have pumped 1 to 2 million barrels of crude every day in excess of demand, leaving storage tanks around the world filled to the rims with unsold fuel.
Sunday`s meeting in Qatar`s capital Doha had been expected to finalize a deal to freeze output at January levels until October 2016 in an attempt to slow ballooning oversupply.
But the agreement fell apart after top exporter Saudi Arabia demanded that Iran, which was not represented, should also sign up.
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